A multi-level power converter with hysteretic control is disclosed. In one embodiment, a power converter includes a switching circuit and a control circuit. The switching circuit includes a plurality of switches, a capacitor, and a switch node coupled to a regulated supply voltage node via an inductor. The switching circuit is configured to couple the switch node to different circuit nodes according to different switch states. The control circuit is configured to activate a particular set of switches according a current switch state, perform a comparison of an output current of the switching circuit to various threshold values, and determine a next switch state using results of the comparison and duty cycle information. Based on these results, the control circuit is configured to cause a transition from the current switch state to the next switch state by activating a different set of switches according to the next switch state.